How to buy EOS tokens on Binance

EOS is the sixth largest coin in the world by market capitalization with a total token supply currently valued at nearly $ 5 billion. With the increasing use of blockchain and decentralized applications in the mainstream, the EOS coin could easily increase in value. The coin threatened the market leaders back in April 2018 when it briefly exceeded $ 21. For more analysis, see the UseTheBitcoin EOS Price Prediction article.

Read on for a guide on how to buy EOS coins on the popular Binance exchange.

What is EOS?

EOS was developed by the company and is a platform that is very similar to Ethereum. As an intelligent contract platform, all types of users can create blockchain applications on the EOS network. The aim is to be more flexible and scalable than the Ethereum network.

EOS’s hallmark so far has been its token sale, which lasted almost a year and raised more than $ 4 billion. This made it by far the largest token sale that has ever been carried out. At the same time as the token sale was completed in mid-2018, the team launched the EOS mainnet and performed a token exchange from the ERC20 placeholder tokens to native EOS tokens. Since then, several dApps and ICOs have already been started in the EOS blockchain.

Now let’s see how you can buy your first EOS tokens.

Step 1: Register for an account with Binance

In this guide, we will tell you how to buy EOS tokens on the Binance exchange at BTC or ETH. Very few exchanges with EOS and Fiat pairs are currently available.

If you haven’t already done so, the first thing to do is to create a Binance account. The process should be quick, easy and open to people almost anywhere in the world.

Step 2: check your account

Before you can start trading, you will need to present several confirmation documents to the Binance team. You can also take this opportunity to set up security measures for your account, such as: B. the 2-factor authentication.

Step 3: Submit BTC or ETH to your Binance account

Once your account is set up, send some BTC or ETH coins to your Binance wallet. If you don’t have either of these two coins, or want to invest more in crypto, you can buy crypto using a credit card from several websites like Coinmama or Changelly.

To make a deposit, go to the top of your page and select “Funds” then “Deposits”.

Deposit amount 3

Select which coin you would like to deposit from the drop-down menu. Now you will be given a wallet address to send your coins to. Make sure you only send the specified coin (i.e. BTC to the BTC wallet or ETH to the ETH wallet). Any other coins you send here can be lost.

Step 4: wait for the confirmation

Depending on the network load, it may take a while for your transaction to complete. Wait for Binance to confirm that the transaction has completed successfully before proceeding.

Step 5: Find and select the BTC or ETH pair

Once the coins are in your Binance wallet, head over to the exchange section of the website. To get here, go to the top of the page and select “Exchange” then “Basic”.

Now go to the right side. Select the coin you want to trade (BTC, ETH, USDT or BNB) and enter EOS in the search bar. Click on the pair that appears (e.g. EOS / BTC or EOS / ETH).

eos binance 1

Optional: Use Binance’s advanced tools to buy when the time is right

In the trading space, Binance has a lot of tools and data to help you trade smarter. You have price and order history and live customizable price charts. You can also execute limit orders. With limit orders, you set the price at which you want to buy (or sell) EOS in relation to BTC / ETH. As soon as the price reaches this point, Binance will execute your order.

Step 6: Choose the amount of EOS you want to buy

Under the price charts, choose how much EOS you want to buy. Set the price you want to buy at, or select Market to buy at current price (this is recommended for beginners).

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Step 7: buy EOS!

Click the green “Buy EOS” button and you’re done!

Step 8: move your coins to a secure EOS wallet

The best practice with crypto is to keep your coins in a secure wallet outside of an exchange when you are not trading. This way you have full control over the security of your tokens instead of trusting the security measures of the exchange.

To do this, you need a crypto wallet that supports EOS. The SimplEOS wallet and Greymass eos-voter wallet are two desktop wallets designed just for EOS. Alternatively, the Infinito wallet is a mobile wallet for Android and iOS that supports a number of different coins.

For the highest level of security, you may want to invest in a hardware wallet like the Ledger Nano S.

To withdraw your EOS tokens from Binance, go to “Funds” then “Withdrawals”.

Select EOS from the drop-down menu. Next, enter the wallet address from your EOS wallet as well as the amount of EOS you want to move. Check the correct address and click Submit.

….and that’s it! Everything you need to know about investing in the EOS ecosystem.

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